UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 21, 2005
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 333-117263
VICORP RESTAURANTS, INC.
(Exact name of registrant as specified in its charter)
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STATE OF COLORADO |
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84-0511072 |
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(State or
other jurisdiction of |
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(I.R.S.
Employer |
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400 WEST 48TH AVENUE, DENVER, COLORADO |
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80216 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (303) 296-2121 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
Number of shares of Common Stock, $.0001 par value, outstanding at May 25, 2005: 1,427,602, excluding treasury shares.
VICORP RESTAURANTS, INC.
Form 10-Q
April 21, 2005
INDEX
2
PART I - - FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
VI Acquisition Corp.
(In Thousands, Except Share and Per Share Data)
(Unaudited)
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April 21, 2005 |
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October 28, 2004 |
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(As restated) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
8,930 |
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$ |
1,332 |
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Receivables, net |
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8,910 |
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11,915 |
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Inventories |
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9,295 |
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12,245 |
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Deferred income taxes, short-term |
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4,914 |
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4,673 |
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Prepaid expenses and other current assets |
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3,230 |
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3,432 |
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Income tax receivable |
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273 |
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270 |
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Total current assets |
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35,552 |
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33,867 |
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Property and equipment, net |
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79,508 |
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80,316 |
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Assets under deemed landlord financing liability, net |
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111,366 |
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110,342 |
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Goodwill |
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91,881 |
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91,881 |
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Trademarks and tradenames |
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42,600 |
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42,600 |
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Franchise rights, net |
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11,084 |
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11,358 |
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Other assets, net |
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12,451 |
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13,763 |
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Total assets |
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$ |
384,442 |
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$ |
384,127 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Current maturities of long-term debt and capitalized lease obligations |
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$ |
127 |
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$ |
201 |
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Cash overdraft |
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— |
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3,190 |
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Accounts payable |
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11,106 |
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13,174 |
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Accrued compensation |
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7,046 |
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7,138 |
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Accrued taxes |
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9,194 |
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7,992 |
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Other accrued expenses |
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18,955 |
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18,520 |
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Total current liabilities |
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46,428 |
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50,215 |
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Long-term debt |
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140,220 |
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141,469 |
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Capitalized lease obligations |
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224 |
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248 |
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Deemed landlord financing liability |
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116,183 |
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114,670 |
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Deferred income taxes, long-term |
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556 |
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1,360 |
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Other noncurrent liabilities |
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8,998 |
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7,057 |
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Total liabilities |
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312,609 |
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315,019 |
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Commitments and contingencies |
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Stock subject to repurchase |
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1,063 |
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1,063 |
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Stockholders’ equity: |
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Preferred stock, $0.0001 par value: |
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Series A, 100,000 shares authorized, 68,659 shares issued and outstanding at April 21, 2005 and October 28, 2004 (aggregate liquidation preference of $81,040 and $78,846, respectively) |
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83,997 |
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80,022 |
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Unclassified preferred stock, 100,000 shares authorized, no shares issued or outstanding |
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— |
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— |
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Common stock $0.0001 par value: |
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Class A, 2,800,000 shares authorized, 1,386,552 shares issued and outstanding at April 21, 2005 and October 28, 2004 |
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— |
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— |
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Paid-in capital |
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2,426 |
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2,426 |
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Treasury stock, at cost, 923.87 shares of preferred stock and 80,603 shares of common stock at April 21, 2005 and October 28, 2004 |
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(1,004 |
) |
(1,004 |
) |
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Accumulated deficit |
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(14,649 |
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(13,399 |
) |
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Total stockholders’ equity |
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70,770 |
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68,045 |
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Total liabilities and stockholders’ equity |
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$ |
384,442 |
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$ |
384,127 |
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See accompanying notes to consolidated financial statements.
3